Topic: [GLBSE] GIPPT Delisting 100% paid. - page 17. (Read 19365 times)

Is there some way to guarantee payment in the event of a default? Will coins be kept in escrow, do you have other assets that would fund it or what?

I'm interested, but I need to be confident that the insurer can cough up >5000BTC at short notice in the event of a BTCST default.

From my perspective here, what you're offering is essentially a weekly CDS at a rate of 4.5% per week (not unreasonable given the risks involved). Would you consider selling CDS outright? (that is, say, I pay you 4.5BTC/week and in return you guarantee payment of 100BTC if pirate defaults). I'm not sure GLBSE has a way to offer that but I'm sure there would be interest.


But yeah, I'll buy some if you can make me confident that the insurance can and will be honoured in a timely manner in the event of default 

Reserved
//DeaDTerra

Hey Guys!
After a long time with a lot of ideas I have finally decided to create my own asset, and not only be a investor on GLBSE but also a Issuer of my own asset!
So with no further ado, I bring you Gamma Insured Pirate Pass Through!

Name: Gamma Insured Pirate Pass Through (in short GIPPT)
Summary: GIPPT is a insured pirate pass through, this asset is run by DeaDTerra and Insured by INeedAUserName. Each bond has a face value of 1 BTC and represents 1 insured BTC with Pirate. The Bond pays 1.8%% in dividend each week, it’s a safe and secure way to invest with Pirate. Get the interest rate but none of the risk!


GIPPT Contract
5000 Bonds will be released at the IPO, each for 1 BTC each. The issuer holds the right to issue further shares for the same price or higher. Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).  Bonds have no voting rights. In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%. The Issuer has the right to buy back all the bonds for any reason and at anytime for the face value of 1 BTC after paying out that week’s interest rate. In the case of where Pirate changes his interest rate, or the way he pays out the issuer has the right to change the contract appropriately.

The asset will be sold on the 3rd of August at 19:00 GMT+1, 5000 bonds will be sold, out of which 1000 Bonds can be pre-ordered. The bonds will be sold for 1 BTC each.

For additional information and for details go to: https://docs.google.com/document/d/1w0m-Goxlekfj-W3SVKpCGo862KVcbzeaTgCt59uujvw/edit#


Contact information:
Email: [email protected]
Skype: Terragubben
PM: DeaDTerra

*edit* The contract will be updated shortly to show the new interest rate changes